Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Pennsylvania Housing Finance Agency's (PHFA) series 2013-116 non-alternate minimum tax (non-AMT) single-family mortgage revenue bonds. At the same time, Standard&Poor's affirmed its ratings on other existing issues under the parity resolution. The outlook is negative. The rating reflects our opinion of these strengths: The credit quality of the single-family mortgage collateral, primarily including Federal Housing Administration (FHA)-insured mortgages, conventional insured, Rural Housing Services, Veterans Administration (which benefits from the full faith and credit of the U.S.), and uninsured; The issuer's general obligation (GO) pledge; and The investments commensurate with the rating on the bonds. We believe the strengths are offset, however, by these weaknesses: The reliance on
